Reliance Jio, the latest entrant to the Indian telecom market, has reported a 451% growth in its profit before finance and tax costs and reported its first ever net profit of Rs 504 cr.

Earnings before interest and tax (EBIT) jumped to Rs 1,436 cr in Oct-Dec from Rs 260 cr in the previous three months, due to two factors — higher revenue and lower outgo in terms of access or termination charges paid to other operators.

Two quarters ago (Apr-Jun), Jio had a loss of Rs 8 cr at the EBIT level.

This is in contrast to the performance of its rivals.

Against Jio’s EBIT of Rs 1,436 cr, Bharti Airtel reported an EBIT of just Rs 167 cr from its India mobile business.

Jio’s net profit of Rs 504 cr has come at a time when its competitors are grappling with losses. However, this was not unexpected.